Cheap Money Finds Its Way to Unlikely Places

Unintended effects of low-cost capital from the Fed facilitate deals, from Italy to Michigan to Canada.

What do Italy, Canada and Michigan have in common? At first blush, not much.

Great music would seem to come from all three regions, which is the case for almost anywhere. There is the classic music from Italy, ranging from Vivaldi to the immortal operatic composers. Motown may have had its roots elsewhere but it came out of Detroit. And the...